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user122866
user122866
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It’s a no-brainer to open an FHSA. You’ll get a tax deduction for the amount contributed; $8000contributed. $8K max per year, up to a max of $40,000, but only if you opened the FHSA in 2023. If you didn't open the FHSA in 2023, your max contribution is now reduced to $32000 ($8000 x 4). And you have 15 years to decide, use the money to purchase a house (tax free), or transfer it to your RRSP (and pay later as income). The transfer to your RRSP does not impact your RRSP contribution room.

It’s a no-brainer to open an FHSA. You’ll get a tax deduction for the amount contributed; $8000 max per year, up to a max of $40,000, but only if you opened the FHSA in 2023. If you didn't open the FHSA in 2023, your max contribution is now reduced to $32000 ($8000 x 4). And you have 15 years to decide, use the money to purchase a house (tax free), or transfer it to your RRSP (and pay later as income). The transfer to your RRSP does not impact your RRSP contribution room.

It’s a no-brainer to open an FHSA. You’ll get a tax deduction for the amount contributed. $8K max per year, up to a max of $40,000, but only if you opened the FHSA in 2023. If you didn't open the FHSA in 2023, your max contribution is now reduced to $32000 ($8000 x 4). And you have 15 years to decide, use the money to purchase a house (tax free), or transfer it to your RRSP (and pay later as income). The transfer to your RRSP does not impact your RRSP contribution room.

Source Link
user122866
user122866
  • 151
  • 5

It’s a no-brainer to open an FHSA. You’ll get a tax deduction for the amount contributed; $8000 max per year, up to a max of $40,000, but only if you opened the FHSA in 2023. If you didn't open the FHSA in 2023, your max contribution is now reduced to $32000 ($8000 x 4). And you have 15 years to decide, use the money to purchase a house (tax free), or transfer it to your RRSP (and pay later as income). The transfer to your RRSP does not impact your RRSP contribution room.